21st Jun 2018 10:28
LONDON (Alliance News) - Shares in URA Holdings Ltd were suspended from AIM on Thursday as the cash shell looks to complete the acquisition of Entertainment AI Ltd.
URA, which was known as Uranium Resources PLC before becoming a cash shell last December, had until Wednesday to make an acquisition under AIM rules before having its shares suspended.
It has not been able to do so, having recently signed heads of terms to buy Entertainment AI, a company formed to buy media firms Tagasauris Inc and GTChannel Inc in an all-share deal.
Tagasauris's technology allows video viewers to "interact" with the video, such as buying products highlighted in the clip. GTChannel runs automotive-focused channels on social media and websites such as YouTube.
URA shares will remain suspended from AIM until it completes the deal, and it has until December 20 before its shares would be cancelled from the London market completely.
Before becoming a cash shell, URA had been focused on natural resources. It sold off the Mtonya uranium project in Tanzania in December for USD2.1 million.